Bitcoin Price Rises 3% as ‘Uptober’ Rally Begins in Q4
Bitcoin Price Movement:
- #BTC price increased by 3%, exceeding $116,500, influenced by investor optimism despite the US government shutdown.
- Gold reached a new all-time high of 3,890 alongside NASDAQ gains.
Market Analysis:
- Analysts predict a dovish stance from Fed Chair Jerome Powell, potentially sparking rallies in risk assets like cryptocurrencies and US equities.
- Michael van de Poppe noted Bitcoin's resilience after retesting $112,000 and predicts bullish momentum for Q4.
Fed Rate Cuts and Crypto Impact:
- Polymarket data suggests an 88% chance of a 25 bps Fed rate cut; CME’s FedWatch tool indicates a 95% likelihood.
- Lower rates could enhance the attractiveness of cryptocurrencies to investors.
- Dom Harz anticipates targeted inflows into Bitcoin DeFi, transforming BTC from a static store-of-value into a yield-bearing asset.
US Policy and Bitcoin Innovation:
- The Trump administration resolved the CAMT issue impacting unrealized gains on Bitcoin.
- This change positions the US as a global leader in Bitcoin innovation.
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